Abstract
The COVID-19 pandemic, which triggered lockdowns in Europe and around the world, had a major effect on European Union (EU) industries. Multiple supply chains in a variety of industries were disrupted, especially at the start of the crisis, and particularly in internationalized and complex value chains. Unparalleled policy responses have been undertaken in Europe and the world to mitigate the impact of this economic shock and help recovery. However, the pandemic has also created a wide spectrum of opportunities in many sectors of the global economy, as consumers and businesses have changed radically their behavior. Under this context, superpowers such as the People’s Republic of China have taken constructive steps to facilitate the digital transformation of their industry leaving behind United States and the European Union. The purpose of this policy brief is the provision of an overview of China’s national strategic plan titled “Made in China 2025” and its fundamental pillars as well as the development of policy recommendations regarding strengthening European Union’s industrial policy amid the global pandemic.
Highlights
Since the 2010s, China has risen as an emerging superpower in terms of Purchasing Power Parity (O.E.C.D., 2020)
Because of rivalry in the manufacturing sector stemming from both low-wage countries like Vietnam and highly developed countries like the United States, China embarked on a journey to align its economic and technological competitiveness with the economic paradigm of “Industry 4.0” and meet the demands of its increasingly trained workers (Wang & Chen, 2020)
The European Union has provided explicit policies to curb the gap with the Chinese industry in terms of competitiveness (Zachariadis & Szczepanski, 2019)
Summary
Since the 2010s, China has risen as an emerging superpower in terms of Purchasing Power Parity (O.E.C.D., 2020). Because of rivalry in the manufacturing sector stemming from both low-wage countries like Vietnam and highly developed countries like the United States, China embarked on a journey to align its economic and technological competitiveness with the economic paradigm of “Industry 4.0” and meet the demands of its increasingly trained workers (Wang & Chen, 2020). Chinese industries are pushing the technological wave in traditional areas such as electronics, machinery and aviation, but they are driving technological innovations in emerging areas such as advanced nuclear energy, generation telecommunication technologies, big data and supercomputers, Artificial Intelligence, robotics, and space technology. The European Union has provided explicit policies to curb the gap with the Chinese industry in terms of competitiveness (Zachariadis & Szczepanski, 2019). Member states support global projects such as Industrie 4.0 in Germany, the
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